A Revisit to Corporate Organization, System and Culture by Chairman Ren in celebration of the 8th anniversary of the founding of ChemChina

  May 9th is the day ChemChina was officially founded eight years ao. As usual, Chairman Ren of ChemChina wrote this essay in celebration of the 8th anniversary of the company.

  As Chairman Ren begins, 2011 is the first year in China’s 12th five-year plan period. It is also a landmark year in ChemChina’s history.

  In 2011, ChemChina joined the Fortune 500 club, closed two major M&A deals,acquiring Elkem from Norway and MAI from Israel,further raised her level of internationalization and made new progress in management transformation and IT construction. The strategic objectives of “2215” set for the company during the five-year plan period have been partially fulfilled ahead of time. The strategic objectives of “2215” mean during the 12th five-year plan period, the total assets and sales of the company will both exceed RMB 200 billion, her profits will surpass RMB 10 billion and ChemChina will become a Fortune 500 company.

  Chairman explains that some at ChemChina may doubt that our strategic objectives are too conservative since most of them were already achieved in the first year of the five-year period. In fact, we already suspected how things would stand before we finalized our plan for the 12th five-year period. The reason why we allowed such a big leeway in our plan is that we anticipated the severe challenges we would be confronted going forward. We are fully aware of the uncertainties in the competitive landscape and our position in the industry, our capital structure and our profitability. Less than optimistic about the evolving situation, we believe that without continued industrial readjustment and management transformations, even if we deliver on our strategic objectives, the results will not be sustainable. Therefore, we have allowed some room in our plan for structural readjustment which will stay as our central task during the whole five-year period. If there is any change to make in our objectives, it could be “stay firmly as a Fortune 500 company” instead of “become a Fortune 500 company”

  Shouldering the mission of “further state-owned enterprise reform and promote enterprise restructuring” and “improve the international competitiveness and develop a powerful chemical industry, China National Chemical Corporation (ChemChina) keeps developing to make new achievements.

  The ChemChina started its business with the capital of less than 50 billion yuan ($7.93billion) 8 years ago. It has edged into the rank of world top 500 enterprises. It has become an internationally influential company and led in multiple chemical products. In 2011, the beginning year of the 12th Five-year Plan period (2011-2015), the ChemChina maintained fast growth in production, and achieved a high record in total profits and operation revenues.

  In the past eight years, the ChemChina has continually encountered international and domestic economic problems. Facing the challenges, it has kept developing and overcome all difficulties. The compnay has optimized industrial structure and overall arrangemen to improve its competitiveness, and strengthen its capacity to deal with crisis and resist risks. All these achievements have laid a solid foundation for the ChemChina to cultivate itself into an international first-class company.

  The ChemChina, a top 500 enterprise, has stood on a new starting point as. It has established the vision of “new science and new future”. The ChemChina is exerting efforts to transform the development mode, accelerate the restructuring and optimization, and further the development. It has experimented with intensifying technological innovation, introducing globally best practices, launching management revolution, speeding up informatization, and creating world first-class manufacturing system.

  Firm confidence and lofty beliefs are weapons to overcome all difficulties. The ChemChina has cherished the faith of forging an “international first-class chemical enterprise,” and invigorating the China’s chemical industry. The ChemChina staff will blaze new trails and forge ahead to achieve greater progress.

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